BEIJING, Aug. 16, 2016 /PRNewswire/ -- China Digital
TV Holding Co., Ltd. (NYSE: STV) ("China Digital TV" or the
"Company"), the leading provider of cloud-based application
platforms and conditional access ("CA") systems which enable
China's digital cable television
market to offer and secure diversified content services, today
announced its unaudited financial results for the second quarter
ended June 30, 2016 and six months
period ended June 30, 2016.
"We are pleased to report the continuous adoption and solid
development of our cloud business, as rapid user growth provided us
strong confidence in our strategies to monetize our cloud-based
offerings going forward," stated Mr. Jianhua Zhu, China Digital TV's chief executive
officer. "During the second quarter of 2016, total registered users
on our cloud platform expanded by 52% quarter over quarter to 3.5
million and gives us increasing confidence in the demand for our
services and sustainability of this growth momentum over the coming
quarters. With Beijing and
Chongqing customers already
contributing to steady revenue growth, we expect more revenue
contributing customers, including those in Tianjin and Sichuan
Province, to roll out our cloud platforms in the second half
of the year. Despite the challenging environment for our
traditional businesses, we are confident in our strategy to evolve
with China's increasingly diverse
cable environment and the opportunities and potential offered by
our cloud platform services as we strive to further enhance the
content offerings, which is currently limited to TV-based games, to
areas such as education, entertainment and online shopping. In
addition, in an effort to address the demands of our cable
operating customer base, we continue to prepare for the exciting
virtual reality ("VR") opportunities which have the potential to
re-shape our viewing and entertainment experiences within the home.
We have already begun a partnership on the content creation side
and have witnessed some early stage success. With that in mind, we
remain fully committed to establishing ourselves as a leading
provider and gateway of cloud-based entertainment content into the
living rooms throughout China."
Mr. Zhenwen Liang, China Digital
TV's chief financial officer, commented, "During the second quarter
of 2016, our business performance came in-line with our
expectations. However the challenges for the traditional smartcard
business persist as average selling prices ("ASP") continued on the
downward trend even though volumes grew. We remain cautious on our
traditional businesses as the Chinese market has become saturated
while our overseas business slowly expands. In the meantime, as we
prepare for next-generation content services, such as gaming and VR
enabled content, we are excited and confident in the growth
opportunities ahead of us."
Second Quarter 2016
Results[1]
In the second quarter of 2016, China Digital TV's smart card
shipments increased by 3.8% to 2.19 million from 2.11 million in
the prior year period, primarily driven by increased shipments to
international markets, but partially offset by a decline in
domestic shipments due to the overall maturity of the CA
business.
China Digital TV's net revenues remained relatively stable at
10.4 million compared to the prior year period. Revenues from other
services and other products increased, but were partially offset by
a decrease in revenues from smart card revenues.
Revenues from the Company's top five customers accounted for
37.3% of total revenues, compared to 37.0% in the prior year
period.
Revenue Breakdown
|
|
For the three
months ended
|
|
|
June 30,
|
|
March 31,
|
|
June 30,
|
|
|
2016
|
|
2016
|
|
2015
|
|
|
(in thousands of
U.S. dollars)
|
Products:
|
|
|
|
|
|
|
|
|
|
Smart
cards
|
|
$
|
7,183
|
|
$
|
10,071
|
|
$
|
8,906
|
Other
products
|
|
|
1,608
|
|
|
928
|
|
|
428
|
Subtotal
|
|
|
8,791
|
|
|
10,999
|
|
|
9,334
|
Services:
|
|
|
|
|
|
|
|
|
|
Head-end system
integration
|
|
|
360
|
|
|
882
|
|
|
504
|
Head-end system
development
|
|
|
510
|
|
|
701
|
|
|
345
|
Licensing
income
|
|
|
92
|
|
|
192
|
|
|
198
|
Royalty
income
|
|
|
3
|
|
|
14
|
|
|
144
|
Other
services
|
|
|
725
|
|
|
400
|
|
|
13
|
Subtotal
|
|
|
1,690
|
|
|
2,189
|
|
|
1,204
|
Total
revenues
|
|
$
|
10,481
|
|
$
|
13,188
|
|
$
|
10,538
|
Revenues from smart cards decreased by 19.3% to
US$7.2 million in the second quarter
of 2016 from US$8.9 million in the
prior year period, primarily due to a decline in ASPs. Sales of
smart cards accounted for 68.5% of total revenues in the second
quarter of 2016, compared to 84.5% in the prior year period.
Revenues from other products increased by 275.7% to
US$1.6 million in the second quarter
of 2016 from US$0.4 million in the
prior year period. The increase was mainly attributable to an
increase in sales of set-top-boxes with pre-installed smart cards,
as well as an increase in digital rights management ("DRM") sales.
Sales of other products accounted for 15.3% of total revenues in
the second quarter of 2016, compared to 4.1% in the prior year
period.
Revenues from services increased by 40.4% to
US$1.7 million in the second quarter
of 2016 from US$1.2 million in the
prior year period. The increase was primarily due to an increase in
other services, such as the expansion and monetization of the
Company's emerging cloud platform. Revenues from services accounted
for 16.1% of total revenues in the second quarter of 2016, compared
to 11.4% in the prior year period.
Cost of revenues from smart cards and other products
increased by 13.8% to US$2.2 million
in the second quarter of 2016 from US$2.0
million in the prior year period. The increase was mainly
due to an increase in cost of revenues from other products, and was
partially offset by a decline in cost of revenues from smart cards.
Cost of revenues from smart cards and other products accounted for
37.6% and 26.4%, respectively, of total cost of revenues in the
second quarter of 2016, compared to 55.8% and 10.2% in the prior
year period.
Cost of revenues from services in the second quarter of
2016 increased by 24.1% to US$1.3
million in the second quarter of 2016 from US$1.0 million in the prior year period. The
increase was mainly due to an increase in cost of revenues that was
associated with the expansion of the cloud computing business. Cost
of revenues from services accounted for 36.0% of total cost of
revenues in the second quarter of 2016, compared to 34.0% in the
prior year period.
Gross profit in the second quarter of 2016 decreased by
7.0% to US$6.9 million from
US$7.5 million in the prior year
period. Gross margin, was 66.7% in the second quarter of
2016, compared to 71.6% in the prior year period. The decline in
gross margin was primarily due to the decreased portion of total
revenues accounted for by net revenues from smart cards, which have
a higher gross margin than other products and services. In the
second quarter of 2016, the ASP of smart cards decreased by 22.2%
year over year, while the unit cost of smart cards decreased by
23.9% year over year.
Operating expenses in the second quarter of 2016
increased by 40.0% to US$11.5 million
from US$8.2 million in the prior year
period. The increase was mainly due to an increase in shared-based
compensation.
In May 2016, certain key employees
made a cash investment to Beijing Super TV Co., Ltd. ("Super TV"),
a PRC operating subsidiary of the Company, in return for a 9.91% of
the outstanding equity interest in Super TV. The fair value of the
equity interest purchased by the employees was higher than the cash
they paid, hence the difference between fair value and the cash
consideration was recognized as share based compensation expenses
in the second quarter.
- Research and development expenses in the second quarter
of 2016 increased by 7.6% to US$4.1
million from US$3.8 million in
the prior year period.
- Selling and marketing expenses in the second quarter of
2016 increased by 29.0% to US$3.3
million from US$2.6 million in
the prior year period.
- General and administrative expenses in the second
quarter of 2016 increased by 122.3% to US$4.1 million from US$1.8
million in the prior year period.
Loss from operations in the second quarter of
2016 was US$4.6 million, as compared
to loss from operations of US$0.8
million in the prior year period.
Income tax benefits in the second quarter of
2016 was US$1.9 million, as compared
to an income tax expenses of US$0.9
million in the prior year period. The increase in the income
tax benefits was primarily due to the tax rate adjustment. In the
second quarter of 2016, the Company assessed its PRC operating
subsidiary, Super TV, qualified as a "key software enterprise" for
the tax year of 2015 based on the annual tax filing made in
May 2016. As a result, the Company
was entitled to a preferential income tax rate of 10% on its income
tax filing for the year of 2015. Because the Company recognized
income tax expenses at the rate of 15% in 2015 taking into
consideration of the uncertainty as to whether Super TV could
qualify, the income tax expenses previously recognized were
partially reversed in the second quarter.
Net loss attributable to holders of
ordinary shares in the second quarter of 2016 was US$1.6 million, as compared to a net loss
attributable to holders of ordinary shares of US$0.7 million in the prior year period.
Non-GAAP net
income[2]
attributable to holders of ordinary shares in the
second quarter of 2016 was US$2.4
million, as compared to a non-GAAP net loss attributable to
holders of ordinary shares of US$0.6
million in the prior year
period[3].
Balance Sheet
As of June 30, 2016, China Digital
TV had cash and cash equivalents and restricted cash totaling
US$76.1 million.
Business Outlook
Based on information available as of August 16, 2016, China Digital TV expects smart
card shipment volumes in the third quarter of 2016 to be in the
range of 2.2 million to 2.5 million. Net revenues in the third
quarter of 2016 are expected to be in the range of US$8.5 million to US$9.5 million.
Conference Call Information
China Digital TV's management will host an earnings conference
call at 8:00 p.m. on Tuesday, August 16, 2016, U.S. Eastern Time
(8:00 a.m. on Wednesday, August 17, 2016, Beijing/Hong Kong Time).
Conference Call Dial-in Information:
United States Toll
Free:
|
+1-888-346-8982
|
International:
|
+1-412-902-4272
|
Hong Kong:
|
800-905945
|
China Toll
Free:
|
4001-201203
|
Conference
Name:
|
China Digital TV
Holding Co. Ltd. call.
|
A replay of the call will be available for one week between
10:00 p.m. on August 16, 2016 and 10:00
a.m. on August 23, 2016, U.S.
Eastern Time.
Replay Dial-in Information:
United
States:
|
+1-877-344-7529
|
International:
|
+1-412-317-0088
|
Replay Access
Code:
|
10090775
|
Additionally, a live and archived webcast of this call will be
available on the Investor Relations section of China Digital TV's
corporate website at http://ir.chinadtv.cn.
About China Digital TV
Founded in 2004, China Digital TV enables television network
operators to manage, extend and diversify content services across
households and public areas in China. China Digital TV is the leading
provider of cloud-based application platforms and network
broadcasting platform ("NBP") services to Chinese cable operators,
helping them to effectively bring mobile gaming apps and other
entertainment options to household television sets, and extend
cable programming outside the home to any mobile device. China
Digital TV is also the leading provider of Conditional Access
("CA") systems in China's digital
television market. CA systems enable television network operators
to secure the delivery of content to their subscribers. The Company
has existing cooperation with nearly all of China's cable television operators.
For more information please visit the Investor Relations section
of China Digital TV's website at http://ir.chinadtv.cn.
Safe Harbor Statement
This announcement contains forward-looking statements within the
meaning of Section 27A of the United States Securities Act of 1933,
as amended, and Section 21E of the United States Securities
Exchange Act of 1934, as amended. Such forward-looking
statements are made under the "safe harbor" provisions of the
Private Securities Litigation Reform Act of 1995.
These forward-looking statements can be identified by
terminology such as "will," "expects," "anticipates," "future,"
"intends," "plans," "believes," "estimates," "may," "should" and
similar expressions. Such forward-looking statements include,
without limitation, statements regarding the outlook and comments
by management in this announcement about trends in the CA systems,
digital television, cable television and related industries in the
PRC and China Digital TV's strategic and operational plans and
future market positions. China Digital TV may also make
forward-looking statements in its periodic reports filed with the
Securities and Exchange Commission, in its annual report to
shareholders, in press releases and other written materials and in
oral statements made by its officers, directors or employees to
third parties. Statements that are not historical facts, including
statements about China Digital TV's beliefs and expectations, are
forward-looking statements. Forward-looking statements involve
inherent risks and uncertainties. A number of factors could cause
actual results to differ materially from projections contained or
implied in any forward-looking statement, including but not limited
to the following: competition in the CA systems, digital
television, cable television and related industries in the PRC and
the impact of such competition on prices, our ability to implement
our business strategies, changes in technology, the progress of the
television digitalization in the PRC, the structure of the cable
television industry or television viewer preferences, changes in
PRC laws, regulations or policies with respect to the CA systems,
digital television, cable television and related industries,
including the extent of non-PRC companies' participation in such
industries, and changes in political, economic, legal and social
conditions in the PRC, including the government's policies with
respect to economic growth, foreign exchange and foreign
investment.
Further information regarding these and other risks and
uncertainties is included in our annual report on Form 20-F and
other documents filed with the Securities and Exchange Commission.
China Digital TV does not assume any obligation to update any
forward-looking statements, which apply only as of the date of this
press release.
For investor and media inquiries, please contact:
China Digital TV Holding Co., Ltd.
Nan Hao
Investor Relations Manager
Tel: +86-10-6297-1199 x 9780
Email: ir@chinadtv.cn
ICR, Inc.
Violet Gu
Tel: +1 (646) 328-1950
Email: stv@icrinc.com
[1]
|
Unless otherwise
stated, all financial statement measures stated in this press
release are based on generally accepted accounting principles in
the United States ("U.S. GAAP").
|
[2]
|
Non-GAAP net income
(loss) is defined as net income (loss) excluding certain non-cash
expenses, such as share-based compensation expenses, amortization
of acquired intangible assets from business acquisitions and equity
method investments.
|
[3]
|
For more information
on these non-GAAP financial measures, please see the tables
captioned "Reconciliations of non-GAAP measures" set forth at the
end of this release.
|
China Digital TV
Holding Co., Ltd.
|
Unaudited
Condensed Consolidated Statements of Comprehensive Income
(Loss)
|
(in thousands of
U.S. dollars, except share and per share data)
|
|
|
|
For the three months ended
|
|
|
June 30,
|
|
March 31,
|
|
June 30,
|
|
|
2016
|
|
2016
|
|
2015
|
|
|
|
|
|
|
|
|
|
|
Revenues:
|
|
|
|
|
|
|
|
|
|
Products
|
|
$
|
8,791
|
|
$
|
10,999
|
|
$
|
9,334
|
Services
|
|
|
1,690
|
|
|
2,189
|
|
|
1,204
|
Total
revenues
|
|
|
10,481
|
|
|
13,188
|
|
|
10,538
|
Business and
related taxes
|
|
|
(70)
|
|
|
(167)
|
|
|
(120)
|
Net
revenues
|
|
|
10,411
|
|
|
13,021
|
|
|
10,418
|
|
|
|
|
|
|
|
|
|
|
Cost of
revenues:
|
|
|
|
|
|
|
|
|
|
Products
|
|
|
(2,222)
|
|
|
(2,255)
|
|
|
(1,953)
|
Services
|
|
|
(1,250)
|
|
|
(1,043)
|
|
|
(1,007)
|
Total cost of
revenues
|
|
|
(3,472)
|
|
|
(3,298)
|
|
|
(2,960)
|
Gross
profit
|
|
|
6,939
|
|
|
9,723
|
|
|
7,458
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
Research and
development expenses
|
|
|
(4,106)
|
|
|
(3,447)
|
|
|
(3,816)
|
Selling and
marketing expenses
|
|
|
(3,301)
|
|
|
(2,410)
|
|
|
(2,558)
|
General and
administrative expenses
|
|
|
(4,100)
|
|
|
(1,988)
|
|
|
(1,844)
|
Total operating
expenses
|
|
|
(11,507)
|
|
|
(7,845)
|
|
|
(8,218)
|
|
|
|
|
|
|
|
|
|
|
(Loss)/Income from
operations
|
|
|
(4,568)
|
|
|
1,878
|
|
|
(760)
|
|
|
|
|
|
|
|
|
|
|
Interest
income
|
|
|
295
|
|
|
337
|
|
|
282
|
Gain from
disposal of an equity method
investment
|
|
|
95
|
|
|
-
|
|
|
-
|
Other income,
net
|
|
|
524
|
|
|
167
|
|
|
486
|
(Loss)/Income
before income tax expenses
|
|
|
(3,654)
|
|
|
2,382
|
|
|
8
|
Income tax benefits
/(expenses)
|
|
|
1,865
|
|
|
(1,282)
|
|
|
(904)
|
Net (loss)/income
before share of income /(loss)
on equity method investments
|
|
|
(1,789)
|
|
|
1,100
|
|
|
(896)
|
Share of
income/(loss) on equity method
|
|
|
|
|
|
|
|
|
|
investments, net of
income taxes
|
|
|
30
|
|
|
10
|
|
|
(42)
|
Net
(loss)/income
|
|
|
(1,759)
|
|
|
1,110
|
|
|
(938)
|
Net loss attributable
to noncontrolling interest
|
|
|
140
|
|
|
49
|
|
|
281
|
Net (loss)/income
attributable to holders of
ordinary shares
|
|
$
|
(1,619)
|
|
$
|
1,159
|
|
$
|
(657)
|
|
|
|
|
|
|
|
|
|
|
Net income/(loss)
per share attributable to
holders of ordinary shares
|
|
|
|
|
|
|
|
|
|
Basic
|
|
$
|
(0.03)
|
|
$
|
0.02
|
|
$
|
(0.01)
|
Diluted
|
|
$
|
(0.03)
|
|
$
|
0.02
|
|
$
|
(0.01)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
(loss)/income
|
|
$
|
(1,759)
|
|
$
|
1,110
|
|
$
|
(938)
|
Other comprehensive
(loss)/income, net of
income taxes
|
|
|
|
|
|
|
|
|
|
Foreign currency translation adjustment
|
|
|
(3,085)
|
|
|
566
|
|
|
(46)
|
Comprehensive
(loss)/income
|
|
|
(4,844)
|
|
|
1,676
|
|
|
(984)
|
Comprehensive loss
attributable to
|
|
|
|
|
|
|
|
|
|
noncontrolling
interest
|
|
|
230
|
|
|
37
|
|
|
291
|
|
|
|
|
|
|
|
|
|
|
Comprehensive
(loss)/income attributable to
|
|
|
|
|
|
|
|
|
|
holders of
ordinary shares
|
|
$
|
(4,614)
|
|
$
|
1,713
|
|
$
|
(693)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
shares used in calculating
|
|
|
|
|
|
|
|
|
|
net income
per ordinary share
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
60,190,497
|
|
|
60,177,208
|
|
|
59,847,896
|
Diluted
|
|
|
60,190,497
|
|
|
60,576,380
|
|
|
59,847,896
|
China Digital TV
Holding Co., Ltd.
|
Unaudited
Condensed Consolidated Balance Sheets
|
(in thousands of
U.S. dollars)
|
|
ASSETS
|
|
June
30,
|
|
December
31,
|
|
|
2016
|
|
2015
|
Current
assets:
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
76,040
|
|
$
|
70,138
|
Restricted cash
|
|
|
33
|
|
|
34
|
Notes receivable
|
|
|
3,368
|
|
|
4,851
|
Accounts receivable,
net
|
|
|
37,275
|
|
|
38,211
|
Inventories
|
|
|
4,164
|
|
|
4,857
|
Prepaid expenses and other
current assets
|
|
|
3,944
|
|
|
3,782
|
Total current
assets
|
|
|
124,824
|
|
|
121,873
|
Property and equipment,
net
|
|
|
753
|
|
|
680
|
Intangible assets,
net
|
|
|
304
|
|
|
348
|
Goodwill
|
|
|
1,309
|
|
|
1,343
|
Equity method
investments
|
|
|
2,601
|
|
|
3,055
|
Deferred income tax assets
|
|
|
3,208
|
|
|
3,451
|
Total
assets
|
|
|
132,999
|
|
|
130,750
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
EQUITY
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
Accounts
payable
|
|
|
1,709
|
|
|
1,665
|
Accrued expenses and other
current liabilities
|
|
|
9,081
|
|
|
11,806
|
Dividend payable
|
|
|
12,038
|
|
|
-
|
Deferred revenue -
current
|
|
|
3,673
|
|
|
3,635
|
Income tax
payable
|
|
|
4,495
|
|
|
2,401
|
Government subsidies -
current
|
|
|
797
|
|
|
819
|
Total current
liabilities
|
|
|
31,793
|
|
|
20,326
|
Deferred revenue -
non-current
|
|
|
-
|
|
|
173
|
Government subsidies -
non-current
|
|
|
2,550
|
|
|
3,024
|
Deferred income taxes
liabilities
|
|
|
1,274
|
|
|
5,421
|
Total
liabilities
|
|
|
35,617
|
|
|
28,944
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EQUITY
|
|
|
|
|
|
|
China Digital TV
Holding Co., Ltd. shareholders'
|
|
|
|
|
|
|
equity:
|
|
|
|
|
|
|
Ordinary
shares
|
|
|
30
|
|
|
30
|
Additional paid-in
capital
|
|
|
41,490
|
|
|
37,988
|
Statutory reserve
|
|
|
18,361
|
|
|
18,361
|
Retained earnings
|
|
|
10,953
|
|
|
23,451
|
Accumulated other
comprehensive income
|
|
|
19,209
|
|
|
21,650
|
Total China
Digital TV Holding Co., Ltd.
|
|
|
|
|
|
|
shareholders'
equity
|
|
|
90,043
|
|
|
101,480
|
Noncontrolling
interest
|
|
|
7,339
|
|
|
326
|
Total
equity
|
|
|
97,382
|
|
|
101,806
|
TOTAL LIABILITIES
AND EQUITY
|
|
$
|
132,999
|
|
$
|
130,750
|
Unaudited
Condensed Consolidated Statements of Comprehensive
Income
|
(in thousands of
U.S. dollars, except share and per share data )
|
|
|
|
For the Six Months
Ended
|
|
|
June 30,
|
|
June 30,
|
|
|
2016
|
|
2015
|
|
|
|
|
|
|
|
Revenues:
|
|
|
|
|
|
|
Products
|
|
$
|
19,790
|
|
$
|
22,549
|
Services
|
|
|
3,879
|
|
|
2,347
|
Total
revenues
|
|
|
23,669
|
|
|
24,896
|
Business and
sales related taxes
|
|
|
(237)
|
|
|
(429)
|
Net
revenues
|
|
|
23,432
|
|
|
24,467
|
Cost of
revenues:
|
|
|
|
|
|
|
Products
|
|
|
(4,477)
|
|
|
(4,151)
|
Services
|
|
|
(2,293)
|
|
|
(2,020)
|
Total Cost of
Revenues
|
|
|
(6,770)
|
|
|
(6,171)
|
Gross
Profit
|
|
|
16,662
|
|
|
18,296
|
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
|
Research and
development expenses
|
|
|
(7,553)
|
|
|
(7,709)
|
Selling and
marketing expenses
|
|
|
(5,711)
|
|
|
(6,064)
|
General and
administrative expenses
|
|
|
(6,088)
|
|
|
(4,062)
|
Total operating
expenses
|
|
|
(19,352)
|
|
|
(17,835)
|
|
|
|
|
|
|
|
(Loss)/Income from
operations
|
|
|
(2,690)
|
|
|
461
|
|
|
|
|
|
|
|
Interest
income
|
|
|
632
|
|
|
533
|
Gain from disposal of
an equity method
investment
|
|
|
95
|
|
|
-
|
Other
income
|
|
|
691
|
|
|
550
|
(Loss)/Income
before income taxes
|
|
|
(1,272)
|
|
|
1,544
|
Income tax
benefits/(expenses)
|
|
|
583
|
|
|
(2,346)
|
Net loss before
net income from equity
method investments
|
|
|
(689)
|
|
|
(802)
|
Net
income/(loss) from equity method
investments, net of income taxes
|
|
|
40
|
|
|
(60)
|
Net
loss
|
|
|
(649)
|
|
|
(862)
|
Net loss attributable
to noncontrolling interest
|
|
|
189
|
|
|
568
|
Net loss
attributable to holders of ordinary
shares
|
|
$
|
(460)
|
|
$
|
(294)
|
|
|
|
|
|
|
|
Net loss per share
attributable to holders of
ordinary shares
|
|
|
|
|
|
|
Basic
|
|
$
|
(0.01)
|
|
$
|
(0.005)
|
Diluted
|
|
$
|
(0.01)
|
|
$
|
(0.005)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
loss
|
|
$
|
(649)
|
|
$
|
(862)
|
Other comprehensive
(loss)/income, net of tax
|
|
|
|
|
|
|
Foreign currency translation adjustment
|
|
|
(2,519)
|
|
|
212
|
Comprehensive
loss
|
|
|
(3,168)
|
|
|
(650)
|
|
|
|
|
|
|
|
Comprehensive loss
attributable to
noncontrolling interest
|
|
|
267
|
|
|
580
|
|
|
|
|
|
|
|
Comprehensive loss
attributable to holders
of ordinary shares
|
|
$
|
(2,901)
|
|
$
|
(70)
|
|
|
|
|
|
|
|
Weighted average
shares used in calculating
net income per ordinary share
|
|
|
|
|
|
|
Basic
|
|
|
60,183,853
|
|
|
59,786,750
|
Diluted
|
|
|
60,183,853
|
|
|
59,786,750
|
Reconciliation of Non-GAAP Measures
Non-GAAP net income attributable to holders of ordinary shares
excludes certain non-cash expenses, such as share-based
compensation expenses, amortization of intangible assets acquired
from business acquisitions and equity method investments. The
Company believes that the Non-GAAP net income provides meaningful
supplemental information regarding the Company's performance by
excluding certain non-cash expenses that may not be indicative of
its operating performance from a cash flow perspective. The Company
believes that both management and investors benefit from referring
to this additional information in assessing the Company's
performance and when planning and forecasting future
periods.
However, the use of non-GAAP financial measures has material
limitations as an analytical tool. One of the limitations of using
non-GAAP financial measures is that they do not include all items
that impact the Company's net income for the period. In addition,
because non-GAAP financial measures are not measured in the same
manner by all companies, they may not be comparable to other
similar titled measures used by other companies. In light of the
foregoing limitations, you should not consider non-GAAP financial
measure in isolation from or as an alternative to the financial
measure prepared in accordance with U.S. GAAP.
|
|
For the three
months ended
|
|
|
June 30,
|
|
March 31,
|
|
June 30,
|
2016
|
2016
|
2015
|
|
|
(in U.S. dollars,
in thousands)
|
Net (loss)/income
attributable to China Digital TV
Holding Co., Ltd shareholders - GAAP
|
|
$
|
(1,619)
|
|
$
|
1,159
|
|
$
|
(657)
|
Share-based
compensation expenses
|
|
|
3,988
|
|
|
10
|
|
|
30
|
Amortization of
intangible assets from business
acquisitions and equity method investments
|
|
|
12
|
|
|
12
|
|
|
51
|
Net income/(loss)
attributable to China Digital TV
Holding Co., Ltd shareholders - Non-GAAP
|
|
$
|
2,381
|
|
$
|
1,181
|
|
$
|
(576)
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/china-digital-tv-announces-unaudited-second-quarter-2016-results-300314175.html
SOURCE China Digital TV Holding Co., Ltd.